On November 19, 1999, the Honorable Richard L. Young of the U.S. District Court for the Southern District of Indiana issued an order freezing the assets of Donald Barry Tamres of Carmel, Indiana. Three days prior, the SEC filed a complaint alleging that Tamres operated a fictitious Prime Bank investment program in which he misappropriated approximately $2.8 million from 25 investors.

The Complaint alleges that Tamres violated the federal securities laws through a fictitious Prime Bank investment called the Asset Enhancement Program. The Complaint alleges that Tamres described the investment in offering materials as a "low entry" "high yield trading program" in which an approximate $35,000 initial investment would yield $1,750,000 in six weeks. Tamres also, in the materials, claimed that the program was associated with the Federal Reserve and is guaranteed by an insurance policy issued by "a top 4 European Insurance Company." According to the Complaint, approximately 25 investors invested a total of about $2.8 million in the Asset Enhancement Program. In fact, this type of investment program does not exist. The Complaint alleges that Tamres misappropriated the investors' funds.

According to the Complaint, Tamres, instead of using the funds raised to invest in the Asset Enhancement Program or similar investments, used the funds to, among other things: 1) purchase several homes, including the property and home located at 3552 Hintocks Circle; 2) purchase several cars; 3) purchase personal items; 4) pay personal expenses; 5) furnish the homes; 6) purchase corporate boxes and tickets to the Indiana Pacers; and 7) pay returns to other investors.

The Complaint alleges that Tamres violated Sections 5(a) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 under the Exchange Act.